This report is for informational purposes only. It should be read in conjunction with documents filed by
The Chubb Corporation with the Securities and Exchange Commission, including the most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

THE
CHUBB CORPORATION

Beginning in the third quarter of 2008, the net losses paid and increase (decrease) in
outstanding losses amounts in the property and casualty underwriting results reflect the impact of
foreign currency fluctuations differently than in the past.

The property and casualty underwriting results that follow this page reflect modification to
previously reported net losses paid and increase (decrease) in outstanding losses. Since net
losses paid and increase (decrease) in outstanding losses for each line of business and in total
have been modified by offsetting amounts, incurred losses for each line of business and in total
are unchanged.

Definitions
of Key Terms

Underwriting
Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist
of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed.
Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles
applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting
principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are
recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by
reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.

Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall
performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition
expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss)
determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP
underwriting expenses incurred.

Combined
Loss and Expense Ratio or Combined Ratio

The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability.
Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles
applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations.
It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory
underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to
policyholders.

THE CHUBB CORPORATION  WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

Personal

Other

Total

Automobile

Homeowners

Personal

Personal

2008

2007

2008

2007

2008

2007

2008

2007

Net Premiums Written

$

142

$

147

$

539

$

520

$

196

$

173

$

877

$

840

Increase (Decrease) in
Unearned Premiums

(14

)

(18

)

(70

)

(55

)

21

19

(63

)

(54

)

Net Premiums Earned

156

165

609

575

175

154

940

894

Net Losses Paid

104

109

268

242

83

79

455

430

Increase (Decrease) in
Outstanding Losses

(6

)

(1

)

12

(22

)

26

18

32

(5

)

Net Losses Incurred

98

108

280

220

109

97

487

425

Expenses Incurred

43

44

184

171

62

52

289

267

Dividends Incurred

















Statutory Underwriting
Income

$

15

$

13

$

145

$

184

$

4

$

5

$

164

$

202

Ratios After Dividends
to Policyholders:

Loss

62.8

%

65.5

%

46.0

%

38.2

%

62.3

%

63.0

%

51.8

%

47.5

%

Expense

30.3

29.9

34.1

32.9

31.6

30.1

33.0

31.8

Combined

93.1

%

95.4

%

80.1

%

71.1

%

93.9

%

93.1

%

84.8

%

79.3

%

Premiums Written
as a % of Total

4.8

%

5.1

%

18.4

%

18.1

%

6.7

%

6.0

%

29.9

%

29.2

%

Page 1 of 5

THE CHUBB CORPORATION  WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

Commercial

Commercial

Commercial

Commercial

Workers

Property

Total

Multiple Peril

Casualty

Compensation

and Marine

Commercial

2008

2007

2008

2007

2008

2007

2008

2007

2008

2007

Net Premiums Written

$

295

$

307

$

460

$

441

$

248

$

257

$

337

$

301

$

1,340

$

1,306

Increase (Decrease) in
Unearned Premiums

(23

)

(13

)

25

12

31

29

41

1

74

29

Net Premiums Earned

318

320

435

429

217

228

296

300

1,266

1,277

Net Losses Paid

140

158

162

223

99

85

154

144

555

610

Increase (Decrease) in
Outstanding Losses

(5

)

(3

)

118

62

28

42

18

25

159

126

Net Losses Incurred

135

155

280

285

127

127

172

169

714

736

Expenses Incurred

106

107

129

123

53

52

118

111

406

393

Dividends Incurred









8

4





8

4

Statutory Underwriting
Income

$

77

$

58

$

26

$

21

$

29

$

45

$

6

$

20

$

138

$

144

Ratios After Dividends
to Policyholders:

Loss

42.5

%

48.4

%

64.4

%

66.4

%

60.8

%

56.7

%

58.1

%

56.3

%

56.7

%

57.8

%

Expense

35.9

34.9

28.0

27.9

22.1

20.6

35.0

36.9

30.5

30.2

Combined

78.4

%

83.3

%

92.4

%

94.3

%

82.9

%

77.3

%

93.1

%

93.2

%

87.2

%

88.0

%

Premiums Written
as a % of Total

10.0

%

10.7

%

15.7

%

15.4

%

8.4

%

9.0

%

11.5

%

10.5

%

45.6

%

45.6

%

Page 2 of 5

THE CHUBB CORPORATION  WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

Professional

Total

Liability

Surety

Specialty

2008

2007

2008

2007

2008

2007

Net Premiums Written

$

604

$

597

$

99

$

84

$

703

$

681

Increase (Decrease) in
Unearned Premiums

(64

)

(66

)

17

6

(47

)

(60

)

Net Premiums Earned

668

663

82

78

750

741

Net Losses Paid

362

337

12

1

374

338

Increase (Decrease) in
Outstanding Losses

19

80

(11

)



8

80

Net Losses Incurred

381

417

1

1

382

418

Expenses Incurred

161

156

29

25

190

181

Dividends Incurred





1

1

1

1

Statutory Underwriting
Income

$

126

$

90

$

51

$

51

$

177

$

141

Ratios After Dividends
to Policyholders:

Loss

57.0

%

62.9

%

1.2

%

1.3

%

51.0

%

56.5

%

Expense

26.7

26.1

29.6

30.1

27.1

26.6

Combined

83.7

%

89.0

%

30.8

%

31.4

%

78.1

%

83.1

%

Premiums
Written as a % of Total

20.6

%

20.9

%

3.4

%

2.9

%

24.0

%

23.8

%

Page 3 of 5

THE CHUBB CORPORATION  WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

Total

Reinsurance

Worldwide

Insurance

Assumed

Total

2008

2007

2008

2007

2008

2007

Net Premiums Written

$

2,920

$

2,827

$

16

$

40

$

2,936

$

2,867

Increase (Decrease) in
Unearned Premiums

(36

)

(85

)

(4

)

(33

)

(40

)

(118

)

Net Premiums Earned

2,956

2,912

20

73

2,976

2,985

Net Losses Paid

1,384

1,378

32

51

1,416

1,429

Increase (Decrease) in
Outstanding Losses

199

201

(31

)

(50

)

168

151

Net Losses Incurred

1,583

1,579

1

1

1,584

1,580

Expenses Incurred

885

841

9

29

894

870

Dividends Incurred

9

5





9

5

Statutory Underwriting
Income

$

479

$

487

$

10

$

43

489

530

Increase
(Decrease) in Deferred
Acquisition Costs

13

(3

)

GAAP Underwriting Income

$

502

$

527

Ratios After Dividends
to Policyholders:

Loss

53.7

%

54.3

%

*

%

*

%

53.4

%

53.0

%

Expense

30.4

29.8

*

*

30.5

30.4

Combined

84.1

%

84.1

%

*

%

*

%

83.9

%

83.4

%

Premiums Written
as a % of Total

99.5

%

98.6

%

0.5

%

1.4

%

100.0

%

100.0

%

*

Combined, loss and expense ratios are no longer presented for
Reinsurance Assumed since this business is in run-off.

Page 4 of 5

THE CHUBB CORPORATION  WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)